Question regarding family help with income..

[rbaronex]

Hello all,

My take home salary is about $3600.00 per month. I have two mortgages to pay, primary and seconday home (both underwater).
$1685 and $1150.00 = $2835.00. That doesn't leave me much until my spouse goes back to work. We need to do an urgent BK-13 due to a garnishment on its way. We have 3 kids, and no disposable incone after all our bills paid. My mom whom lives in the second home, an only now, she is able to contribute up to $800.00 per month towards the $1150.00 we've been paying, That gives us some breathing room. Will a trustee allow my mom's contribution to stand as income? I hope so, becuase a CH-7 is not doable at this time. My spouse should be going back to work soon so, there is another $1500 - $2000.00 dollars take home per month. We have over $180k in usecured debt, (includes a $54k Heloc lien strip on a second), but a $30k asset we need to keep.

Any adivice would be appreciated..

Thx.. Rob - Mesa Arizona.

[free2breathe]

As long as you can show documentation that your mom gives you $800 per month, and it's a standard monthly thing, you should be able to include it as income. By documentation, I mean your mom's cancelled checks, an $800 deposit into your bank account each month, something that shows where it is coming from and where you put it.

[biotechsolution]

you are also going to need to show an increase of $350 for the second home. You can't run a loss on a 2nd home in a chapter 13.

[rbaronex]

you are also going to need to show an increase of $350 for the second home. You can't run a loss on a 2nd home in a chapter 13.

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Thanks guys for your input. This will be the first month I will show $800.00 dollars coming in, She did give us money in the past, for example (1500.00 last month), but spirts here and there, nothing steady like now. Don't know how a trustee is going to look at that, but it will be steady from this month on, and do anticipate my spouse going back to work soon. I will be $350.00 dollars short on the mortgage on the second home, but better that the entire $1150.00 dollars. I'm also assuming, once the spouse gets a job, and brings in more money, my BK-13 payments will adjust as well? I think?

Thanks again all...

[newbie2]

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Thanks guys for your input. This will be the first month I will show $800.00 dollars coming in, She did give us money in the past, for example (1500.00 last month), but spirts here and there, nothing steady like now. Don't know how a trustee is going to look at that, but it will be steady from this month on, and do anticipate my spouse going back to work soon. I will be $350.00 dollars short on the mortgage on the second home, but better that the entire $1150.00 dollars. I'm also assuming, once the spouse gets a job, and brings in more money, my BK-13 payments will adjust as well? I think?

Yes, when your spouse starts working your attorney will amend your plan to include this new income. Keep in mind though, you're probably not going to be able to keep the 2nd house if you can't get enough rent to support the full payment on it. Good luck to you.

[momofthree]

2nd homes must be self-supporting in order to be allowed to keep it. You will not be allowed to keep the home at a loss of $350/mo + upkeep on it. The trustee will see that as $350 a month you can pay to unsecured creditors instead. You either need to a.) increase your mom's rent to $1150. b.) Rent to someone else for at least $1150. c.) give up the house.